The Upper House of Parliament passed the Pakistan Sovereign Wealth Fund Bill, 2023.
The fund will initially include seven valuable assets worth $8 billion.
The Pakistan Sovereign Wealth Fund Bill was proposed by Finance Minister Ishaq Dar.
During its recent session, the Upper House of the Parliament unanimously passed four bills, including the Pakistan Sovereign Wealth Fund Bill, 2023.
Proposed by Finance Minister Ishaq Dar, the bill’s objective is to establish the Pakistan Sovereign Wealth Fund, which will focus on managing fund assets in accordance with international standards and policies to encourage sustainable economic development.
Dar highlighted that Pakistan holds the world’s largest gas pipeline, estimated at a value of $40 to $50 billion, along with substantial mineral and mining reserves valued at $6 trillion. Initially, the plan involves placing seven valuable assets worth $8 billion into the Pakistan Sovereign Wealth Fund.
The minister emphasized that establishing such funds is a common international practice, as seen with Egypt and Indonesia recently creating similar funds to manage their state assets. He noted that the fund will enable Pakistan to present its assets on the global stage.
During an event on Tuesday, the minister highlighted that the main fund would include sub-funds, potentially encompassing sectors such as agriculture, the green revolution, minerals, and mining.
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In addition to the Pakistan Sovereign Wealth Fund Bill, the Upper House also approved other bills, namely the Pakistan Civil Aviation Bill 2023, the Pakistan Air Safety Investigation Bill 2023, and the National Commission for Human Development (Amendment) Bill 2023.